BitcoinLong
But Im not catching falling knives, Im catching Falling Bitcoin.
Roughly a year ago I came out with an analysis on bitcoin. To the record, It has followed suit fairly well. When I first starting following the Crypto Market it seemed like the only thing I heard was " Invest, Invest, Invest." Unfortunately investments don't and can't climb that fast. Its always important to remember: how Price and Time perform on an axis is one of the key determinants as to whether the underlying security is a safe investment or not. As Bitcoin went nuclear last year, I thought there was no fundamentally sound reasoning to invest in the currency. And for so long pundits claimed, " It was different" from fiat currency. Unfortunately I didn't think that sufficed as a fundamental reason to buy Bitcoin. I personally think it was nothing more than a liquidity preference. However, its worth mentioning that Bitcoin is falling into an interesting place. With its current position-both with price and the perception of the currency on the public and broader market- it leaves the cryptocurrency ripe for opportunity with little risk involved. I NOW think it could be a place to park cash. With the majority amount of Bitcoin sold off from its previous users/owners. I believe bigger institutions will now appreciate, as well as use these low prices to the best of their advantage. I believe credit card companies and financial institutions will begin to implement bitcoin to reduce latency and mitigate transaction time. The blockchain feature has also showed Bitcoin was a positive step in the right direction, but it wasn't enough. With its current levels, I wont be surprised if Bitcoin moved a leg higher. Back in August/September I estimated bitcoin settling around $3200 around Q1 of 2019. I do see prices continue to fluctuate at these levels before making any move higher... or lower. Yes, It still can go lower But I believe by only 1000 basis points AT MOST. The bulk of the bloodbath is behind Bitcoin and I see levels of $4000 to $5500 on the horizon. All for now.
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